Bank of America Announces Management Team Realignments
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Tuesday, December 4, 2018
"We serve three groups of clients – people, companies, and institutional investors – through eight lines of business by delivering all the capabilities we can offer to each of our relationships," said Chief Executive Officer Brian Moynihan. "These realignments and additions to the management team reflect that operating model and position us well to continue to drive responsible growth and address strategic opportunities ahead."
Katy Knox, president of U.S. Trust, Bank of America Private Wealth Management, and Andy Sieg, head of Merrill Lynch Wealth Management, join the management team as direct reports to Moynihan.
"We were saddened some weeks ago by the loss of our colleague, Terry Laughlin," said Moynihan. "Terry was leading the two Global Wealth and Investment Management businesses – Merrill Lynch Wealth Management and U.S. Trust – and I welcome Katy and Andy to our management team to continue that work."
The company also announced that Dean Athanasia takes sole leadership of the consumer lines of business (Preferred and Small Business, and Retail). Thong Nguyen, previously co-head of those businesses, is appointed a vice chairman of Bank of America with a portfolio of strategic priorities, including corporate strategy and payments.
"Dean and Thong have built the leading high-tech, high-touch retail financial services capabilities in the industry, and we will continue to invest and innovate for our clients under Dean's leadership," continued Moynihan.
The company also announced that Vice Chair Anne Finucane, following the recent successful development and introduction of a brand repositioning campaign, will focus on her role as chair of the company's EU bank; overseeing the company's deployment of more than $50 billion in capital in support of the United Nations' sustainable development goals; and leading the company's public policy work. Finucane chairs the company's Environmental, Social and Governance (ESG) Committee and Capital Deployment committee. Finucane was recognized by Forbes on December 4, 2018 as one of the most powerful women in finance for "helping to navigate the European financial landscape after Brexit."
Chief Administrative Officer Andrea Smith will assume additional responsibilities, including marketing, internal and external communications, and consumer data and analytics.
"Anne brings strategic perspective and policy acumen to our work in many critical areas, including in Europe and in creating consensus among investors on how to obtain acceptable rates of return on sustainable development goals," said Moynihan. "Andrea leads some of our most important priority areas, including capital planning and how we deliver integrated capabilities in each of our local markets. Broadening her responsibilities builds on the progress we have made."
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.646.855.1195